Sage has admitted it is not yet seeing a recovery in the business software market as it posted a five per cent drop in organic revenues.
According to its unaudited preliminary results for the year ended 30 September, the accountancy software daddy posted underlying turnover of £1.44bn, down four per cent on 2008. Pre-tax profits including restructuring costs fell two per cent to £307.5m.
On an organic basis, revenue contracted by five per cent, compared with three per cent organic revenue growth a year earlier.
Chief executive Paul Walker said a two per cent rise in subscription revenues showed that customers continue to rely on Sage as a trusted partner. This was offset, however, by a 16 per cent organic fall in software and software-related services.
“Conditions stabilised in the second half of the year with SMEs still investing in value-adding business management products and services,” Walker said.
“However, at this stage, we are not yet seeing a general recovery in our markets. Therefore, we will continue to manage our cost base prudently while ensuring the business is well positioned to take advantage of the future economic upturn.”
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